Loop Mobility Startup Secures Undisclosed Amount from Angel Investors
South African mobility startup that aims to digitize the nation’s notorious minibus taxi business has secured an undisclosed amount of fund from leading angel investors. Imtiyaaz Riley, the co-founder of Loop, claims that this makes it possible for the startup to introduce geolocation technology and electronic payments.
Founded in 2021 by Riley and Jamie Wyngaard, Loop offers a platform for drivers and passengers to communicate, make payments, schedule and track journeys, and soon even protect personal property while traveling. The South African taxi sector is thought to earn roughly R50 billion annually, according to estimates by Transaction Capital. Minibus taxis are used for daily commuting by about 69% of the nation’s households.
Riley, a former inhabitant of Manenberg on the Cape Flats, claims that the design for The Loop was inspired by his personal experiences. His family has a long history of involvement with taxi groups in the Western Cape. He explained he was exposed to the daily issues encountered by drivers, commuters, operators, and associations from a young age because he was raised in the sector. Riley believes he has a strong team to achieve his goals after years of daydreaming about dealing with these difficulties.
Riley Wyngaard is a strategic planner with experience in finance, media, and biotechnology. She also has executive experience, which is very valuable to Loop. This includes time spent serving as chief community officer for both a digital-only bank and the fintech start-up Bettr, both of which are situated in Cape Town.
Riley is motivated by using technology to address practical issues, but Wyngaard finds great satisfaction in using design thinking to assist clients in resolving their issues. This enables him to be results-driven, future-focused, and to create teams that can easily adjust to new information.
Riley claims that the South African public transportation system is supported by the minibus taxi industry. Even so, he admits that the majority of commuters’ daily routines are still “extremely casual and archaic.”
“Getting to and from work is not straightforward. Planning a trip is not a reality and often commuters find themselves waiting for a taxi for 20 or 30 minutes. Conversely, taxi drivers struggle to find enough passengers to meet their daily quotas, and rely on sliding door operators, to call out and find their passengers,” he explains.
“In addition, we are working on implementing commuter insurance for our passengers. Unfortunately, moving around via taxi has innate dangers. Passengers deserve to protect themselves and their property while taking these rides. Taxis are not going away anytime soon and, in fact, the industry continues to grow, and the daily experience of the relevant stakeholders in the space needs to be improved. Loop is on a mission to address this.”
In the meanwhile, Loop was chosen to present and make a pitch at the Johannesburg-based Smarter Mobility Africa Summit in 2022 after winning the MEEK Africa Start-up of the Year award for Innovation.